How to Use MetaTrader 5: A Step-by-Step Guide for Traders

If you’re new to trading or upgrading from MetaTrader 4 (MT4), you might be wondering: how do I use MetaTrader 5 (MT5)? MetaTrader 5 is a powerful, multi-asset trading platform designed for forex, CFDs, and more. Whether you’re placing your first trade or customising charts for deeper analysis, this guide will take you through everything step by step. We’ll cover installing MT5, how to set up your account, trading and advanced features you need to know about. 

What is MetaTrader 5?

​​MetaTrader 5 is a trading platform designed to give traders more tools, better insights, and greater control over their trades. It’s an upgraded version of MT4, with extra features that help you better analyse markets, manage positions, and even automate trading. With MT5, you can trade forex, stocks, indices, and commodities via CFDs.

Here are just some of the benefits of MT5:

• More timeframes – Get a clearer picture of market trends with additional charting intervals.
• Advanced charting tools – Customise your charts and apply technical indicators to support your trading decisions.
• Depth of Market (DOM) – See real-time liquidity levels and better understand market demand.
• Algorithmic trading – Use Expert Advisors (EAs) to automate trades based on pre-set strategies.
• Built-in news and economic calendar – Stay updated on key financial events that could impact prices.

It’s important to remember since CFDs let you speculate on price movements without owning the underlying asset, they come with both opportunities and risks. That’s why it’s always a good idea to start with a demo account before trading with real funds.

Setting Up MetaTrader 5

Getting started with MetaTrader 5 is simple, whether you’re on a Windows PC, Mac, Android, or iPhone. Here’s how to get set up:

MT5 for Windows & Mac

1. Go to your broker’s website (e.g., PU Prime) and find the MT5 download page.

2. Download the installation file for your operating system.

3. Run the installer and follow the prompts.

4. Once installed, open MT5 and log in with your trading account details.

5. If you get any security pop-ups asking for permissions, just approve them so the platform can run smoothly.

MT5 for Android & iPhone:

1. Open the Google Play Store (Android) or App Store (iPhone).

2. Search for MetaTrader 5 and download the official app.

3. Open the app and select Log in to an existing account.

4. Choose your broker’s server, enter your login details, and you’re in. Once you’re logged in, take a few minutes to explore the platform, tweak the settings to your liking, and get familiar with how everything works. And don’t forget – a demo account is a great way to practice before diving into live trading (but more on that below). 

Creating and Managing Accounts

Before you can start trading on MetaTrader 5, you’ll need to set up an account. MT5 gives you two options:

1. Demo Account. This is for beginners or anyone wanting to practice in a risk-free environment. It comes with virtual funds, so you can explore trading without using real money.

2. Live Account. A real-money account that allows you to trade in actual market conditions. This is where you’ll execute real trades and manage your funds.

How to Create an Account on MT5

1. Open MetaTrader 5 and go to File > Open an Account.
2. Select your broker from the list or manually enter the server details provided by your broker.
3. Choose between a demo or live account based on your needs.
4. Follow the on-screen instructions to complete the setup. If you’re opening a live account, your broker will likely ask for identity verification.
5. Log in using your credentials, and you’re good to go!

Managing Multiple Accounts

One of the great things about MT5 is that you can switch between multiple accounts easily, whether you want to test strategies on a demo or place real trades on a live account. Just go to File > Login to Trade Account, select the account you want to use, and start trading.

How to Place Trades in MetaTrader 5

Now let’s get into placing your first trade. Here’s how to do it step by step:

1. Open the “New Order” Window

• Click the “New Order” button in the toolbar or simply press F9 on your keyboard.
• This will bring up the trade execution window.

2. Set Your Trade Parameters

Before placing a trade, you’ll need to customise a few settings:

• Symbol – Choose the market you want to trade from the drop-down list.
• Volume – Set the number of contracts you want to trade (for CFD accounts).
• Stop Loss – If you want to limit potential losses, enter the price where your trade should automatically close.
• Take Profit – Set a price where you’d like to lock in profits if the market moves in your favour.
• Comment – Add notes to track your trade, though this is optional.
• Type – Choose how your trade should be placed: instant execution (your trade will be placed immediately at the current market price) or pending order (your trade will be triggered later, when the price reaches a specific level you set). 

3. Execute the Trade

Depending on the type of trade you place, you’ll then have two options: 

1. Enable Maximum Deviation – Sometimes, prices move quickly, which can cause trade rejections. If you want to allow a slight price difference when placing your order, you can set a maximum deviation in pips.
2. Click Buy or Sell – Click Buy if you think the price will go up or Sell if you expect it to go down. Your trade is now live.

4. Monitor Your Trade

• Go to the “Trade” tab at the bottom of MT5 to track your open positions.
• Here, you can see details like profit/loss, lot size, and stop-loss/take-profit levels.
• To modify or close a trade, right-click on it and select your preferred option.

Tip: Always keep an eye on your trade and consider setting a stop-loss to manage risk effectively.

MT5 Order Types Explained

When placing a trade in MetaTrader 5, you’ll need to choose how you want the order to be executed. There are two main types:

1. Market Orders (Instant Execution)

A market order is used when you want to buy or sell an asset immediately at the current market price. This is the simplest and fastest way to enter a trade.

• Click Buy if you expect the price to rise.
• Click Sell if you think the price will fall.

Market orders guarantee execution but not the exact price, as the market can move slightly between clicking the button and execution.

2. Pending Orders (Delayed Execution)

Pending orders let you set a trade to execute in the future at a specific price. This is useful if you’re waiting for a better price rather than jumping in immediately.

There are four types of pending orders:

• Buy Limit: Places a buy order below the current price, expecting the price to drop before going up.
• Sell Limit: Places a sell order above the current price, anticipating the price will rise before falling.
• Buy Stop: Places a buy order above the current price, expecting the price to break higher and continue rising.
• Sell Stop: Places a sell order below the current price, expecting the price to break lower and keep falling.

Customising Charts and Indicators

MetaTrader 5 provides powerful charting tools to help traders analyse price movements and make informed decisions. Whether you prefer a clean, minimalist setup or an in-depth technical analysis view, MT5 allows you to customise charts to suit your trading style.

1. Choosing Your Chart Type

MT5 offers three different chart types, each useful for different trading strategies:

• Candlestick Chart: The most popular type, showing price action in an easy-to-read format. Each candlestick represents the opening, closing, high, and low prices for a given time period.
• Line Chart: Connects closing prices with a single line, useful for identifying trends at a glance.
• Bar Chart: Similar to candlesticks but with a slightly different visual representation of price movement.

To change your chart type: Right-click on the chart > Select ‘Properties’ > Choose ‘Candlestick,’ ‘Bar,’ or ‘Line’ Chart.

2. Adjusting Timeframes

MT5 allows you to switch between different timeframes, from 1-minute to 1-month charts. This helps traders analyse short-term trends as well as long-term market movements.

• Short-term traders may prefer 1-minute, 5-minute, or 15-minute charts.
• Swing traders often use 1-hour or 4-hour charts.
• Long-term traders might focus on daily or weekly charts.

3. Adding Indicators for Technical Analysis

Indicators help traders identify trends, reversals, and entry/exit points. MT5 comes with a variety of built-in indicators, including:

• Moving Averages (SMA/EMA): Helps smooth out price data to identify trends.
• Relative Strength Index (RSI): Shows overbought/oversold conditions to spot potential reversals.
• MACD (Moving Average Convergence Divergence): Helps confirm trend strength and possible entry points.

4. Saving and Using Chart Templates

If you’ve customised your charts with specific indicators, colours, and settings, you don’t need to do it all over again every time you open MT5. You can save your setup as a template for quick access later.

5. Customising Colours and Layouts

If you prefer a dark mode chart or want to change the look of your charts, MT5 lets you adjust colours and layouts.

To customise colours:

• Right-click on the chart and select Properties.
• Adjust the colours for background, candlesticks, and grid lines.
• Save the changes for a cleaner, more personalised trading experience

Advanced Features of MetaTrader 5

MT5 also comes with powerful automation tools to help you trade more efficiently. Here’s a quick look at some advanced features:

1. Automated Trading with Expert Advisors (EAs)

EAs are trading bots that can place and manage trades for you based on pre-set rules. You can:

• Download ready-made EAs from the MT5 marketplace.
• Create your own EAs using MQL5 programming (for advanced users).
• Test strategies in the Strategy Tester before using them in live trading.

2. Copy Trading (MT5 Signals)

Want to follow expert traders? MT5’s Copy Trading feature allows you to:

• Subscribe to professional traders’ signals.
• Automatically copy their trades in real-time.
• Set your own risk parameters and stop whenever you like.

💡 Ideal for beginners or busy traders who want hands-free trading.

3. 24/7 Trading with a Virtual Private Server (VPS)

If you use automated strategies, you don’t want your computer shutting down mid-trade. A VPS (Virtual Private Server) lets your trading bots and EAs run 24/7, even if your computer is off.

Mobile Trading with MetaTrader 5

Trading doesn’t have to keep you tied to a desk. With the MT5 mobile app, you can manage your trades anytime, anywhere, right from your iOS or Android device.

How to Get Started

1. Download the MT5 app from the Google Play Store (Android) or Apple App Store (iPhone).
2. Log in using your broker’s server and account details.
3. Customise your workspace –by adjusting charts, adding indicators, and setting up watchlists for your assets.

Key Features of MT5 Mobile

• Trade on the Go – Open, modify, and close trades just like on the desktop version.
• Live Charts & Indicators – Access multiple timeframes, technical indicators, and drawing tools.
• Set Price Alerts – Get notified when the market hits your target price.
• Fast Execution – Enter trades quickly with a simple tap.
• Stay Informed – Check real-time news and an integrated economic calendar.

Tips and Best Practices for MT5

To get the most out of MetaTrader 5 it’s important to set up your platform efficiently and apply smart trading habits. 

1. Set Up Watchlists for Quick Market Monitoring

A watchlist helps you keep track of your preferred assets so you can monitor price movements without searching for them every time.

How to create a watchlist

1. Open the Market Watch window.
2. Click Symbols or right-click inside the window to add instruments.
3. Select the assets you trade most often.

Keeping a well-organised watchlist can help you react quickly to market opportunities without unnecessary distractions.

2. Use Price Alerts to Stay Updated

Instead of constantly checking charts, you can set up price alerts to notify you when an asset reaches a specific level.

How to set a price alert

1. Open the Terminal window and go to the Alerts tab.
2. Right-click and select Create Alert.
3. Set your desired price level, notification type, and conditions.

This is especially useful if you’re waiting for a breakout or key support and resistance levels to be tested.

3. Essential Risk Management Practices

Risk management is crucial to long-term trading success. Here are some ways to better protect your capital:

Use Stop-Loss and Take-Profit Orders

• A stop-loss order closes a trade automatically if the price moves against you, limiting potential losses.
• A take-profit order locks in profits by closing a trade when the price reaches a set level.
• Always set these levels based on analysis rather than guesswork.

Monitor Margin and Leverage

• Margin is the amount of capital required to open a trade.
• Always check your margin level to avoid margin calls and forced trade closures.
• Be mindful of leverage – while it can amplify profits, it also increases risk.

Follow a Risk-Reward Ratio

• Many traders aim for at least a 1:2 risk-reward ratio (for example, risking $50 to potentially make $100).
• This approach helps improve profitability over time by making sure potential gains outweigh potential losses.

4. Use a Demo Account for Testing and Learning

A demo account allows you to practice trading without financial risk. This is useful for:

• Getting familiar with MT5’s features and trade execution.
• Testing new trading strategies in a risk-free environment.
• Practicing risk management before using real funds.

Even experienced traders use demo accounts to refine their approach before transitioning to live markets.

5. Commit to Continuous Learning

The markets are always evolving, and successful traders continuously improve their skills. Some ways to stay informed include:

• Following financial news and economic events that impact the markets.
• Reading trading books and articles to deepen your knowledge.
• Participating in online courses, webinars, and forums to learn from experienced traders.

The more you invest in learning, the better equipped you’ll be to adapt to market changes and make informed decisions.

Get Started with MetaTrader 5 Today 

MetaTrader 5 gives you everything you need to analyse the markets and place trades with confidence. But like any trading platform, it takes time to get comfortable with all the tools and features.

Remember: trading CFDs comes with risk, and markets can move unpredictably – leading to both gains and losses. That’s why starting with a demo account is a smart move. It lets you explore the platform, test strategies, and get a feel for trading without putting real money on the line.

Step into the world of trading with confidence today. Open a free PU Prime live trading account today to experience real-time market action, or refine your strategies risk-free with our demo account.

MT5 FAQs

1. Is MetaTrader 5 free to use?
Yes, MT5 is free to download, but you’ll need a broker account to trade live.

2. Can I trade stocks and forex on MT5?
Yes! MT5 supports forex, stocks, indices, and commodities (via CFDs).

3. How do I update MetaTrader 5?
MT5 updates automatically, but you can also check for updates under Help > Check for Update

4. Can I use MT5 as a beginner?
Yes, MetaTrader 5 is beginner-friendly, but it does have a range of advanced features that may take time to learn. If you’re new to trading, start with a demo account to practice without risk.